Ghana’s inflation down to 41.2 percent in April

Ghana recorded an inflation rate of 41.2 percent year on year in April, the fourth consecutive decline since reaching a record high of 54.1 percent last December, said the Ghana Statistical Service (GSS) Wednesday.

“We continue to see the dominance of food and non-alcoholic beverages in contributing to the overall inflation rate of 41.2 percent,” said Samuel Annim, the government statistician at the GSS, during the regular monthly briefing. “Compared with March, food inflation declined 2.1 percentage points to 48.7 percent in April, while non-food inflation declined 5.2 percentage points to 35.4 percent.”

Meanwhile, inflation for locally produced and imported items stood at 38.2 percent and 43.1 percent, respectively.

Despite the fourth consecutive decline since January, Ghana’s inflation rate is still far above the central bank’s medium-term target band of 8 percent to 10 percent.

Ghana has since 2021 been grappling with its worst economic performance in decades. Currently, the government is in negotiation with the International Monetary Fund, hoping to secure a 3 billion-U.S.-dollar loan to revive its economy. Enditem